The Fresh Market (TFM) Reports In-Line Q1 EPS, Affirms FY EPS Guidance

The Fresh Market, Inc. (NASDAQ: TFM) reported Q1 EPS of $0.43, in-line with the analyst estimate of $0.43. Revenue for the quarter came in at $431 million versus the consensus estimate of $419.85 million.

The Fresh Market, Inc. reaffirmed FY2014 guidance.

Fiscal 2014 Outlook

“As we look at the remainder of fiscal 2014, we continue to be encouraged about our business and our growth prospects in the expanding specialty retail market and believe our real estate strategy and initiatives to drive awareness of the convenience of our stores and quality of our products will position us well for long-term growth,” commented Carlock.

Based on first quarter results and the outlook for the remainder of the year, the Company is affirming its fiscal 2014 forecast of adjusted earnings of $1.56 to $1.66 per diluted share. This forecast excludes anticipated pre-tax store closure and exit costs of approximately $0.27 per diluted share related to the previously announced store closings in California and Texas to be recognized primarily during the first half of fiscal 2014. GAAP diluted earnings per share are now expected to be $1.29 to $1.39, including the aforementioned store closure and exit costs of approximately $0.27 per diluted share.

Management’s outlook for fiscal 2014 is based upon the following expectations:

Comparable store sales growth of 1.5% to 3.5%
Pre-opening expenses in line with fiscal 2013
Occupancy costs as a percent of sales to increase 30 basis points from fiscal 2013
An effective tax rate of 37.5%
Approximately $110 million to $130 million in capital expenditures, primarily related to real estate investments– Unit growth of 23 to 24 new stores, with 4 new stores opening in the second quarter and 12 to 13 new stores opening in the second half of the year– Remodeling 4 to 5 stores

Pre-tax store closure and exit costs related to the four closed California and Texas stores of approximately $21 million, of which $7.0 million were incurred in the first quarter and the remainder to be incurred primarily in the second quarter of fiscal 2014
Year-on-year improvement in operating results associated with stores operating in California and Texas beginning in the secon

For earnings history and earnings-related data on The Fresh Market, Inc. (TFM) click here.

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